$6 BILLION IN SUEZ CANAL REVENUES DURING 2021

$6 BILLION IN SUEZ CANAL REVENUES DURING 2021

by | Dec 21, 2021 | News Station

$6 billion in Suez Canal revenues during 2021
Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority, stated that the canal’s navigation rates this year are very promising, as revenue generated from January to the first half of December reached $6 billion, a figure never recorded by the Suez Canal.
Lieutenant-General Osama Rabie welcomed a high-level judicial delegation led by Counselor Mohamed Mahmoud Hossam El-Din, Chairman of the State Council, and accompanied by a group of judges and State Council judges, at the Authority’s Maritime Simulation and Training Center in Ismailia Governorate.
With the goal of reviewing the developments of Suez Canal development projects in accordance with the plan to raise awareness among the council’s judges regarding the national projects implemented by the state in all fields.
He also shed light on the authority’s various procedures and measures. To deal with a variety of challenges, most notably the emerging coronavirus crisis and the bad weather crisis, a performance that received widespread international acclaim.
Lieutenant-General Rabie continued,
“The development projects in the Suez Canal did not stop after the new canal project, as the authority worked on developing the monitoring stations located along the canal, in parallel with the establishment of a series of garages on the new canal to meet potential emergency situations, and work is currently underway to develop the sector” Lieutenant-General Rabie continued.
For more information: رئيس الهيئة: 6 مليارات دولار إيرادات “قناة السويس” خلال 2021 – جريدة البورصة 
A SIGNIFICANT COLLABORATION BETWEEN ZAKI HASHEM & PARTNERS AND MATOUK BASSIONY ON THE EURO 355 MILLION FACILITY AGREEMENT

A SIGNIFICANT COLLABORATION BETWEEN ZAKI HASHEM & PARTNERS AND MATOUK BASSIONY ON THE EURO 355 MILLION FACILITY AGREEMENT

by | Dec 21, 2021 | News Station

A Significant collaboration between Zaki Hashem & Partners and Matouk Bassiouny on the Euro 355 million Facility Agreement executed on 16 December 2021 and supported by the Swiss Export Risk Insurance (SERV) with a sovereign guarantee issued by the Ministry of Finance as part of the Ministry of Public Enterprise Sector’s strategy to restructure the cotton sector by purchasing machinery and equipment from Switzerland, Italy, and Germany.
This funding is part of a bigger financing package for Euro 540 million, which includes export credit guarantees worth Euro 370 million from SERV and Euro 170 million from SACE S.p.A. (Italian export credit agency). In 2022, the SACE tranche of funding will be completed.
HSBC Bank Middle East Limited, Credit Suisse AG, and UBS Switzerland AG were among the banks involved in the financing.
Zaki Hashem & Partners, Ashurst LLP, and BMG Law acted as legal advisors to the Cotton Spinning Weaving & Garment Holding Company (CTIHC).
On behalf of the lenders, Matouk Bassiouny & Hennawy and Allen & Overy LLP served as their legal counsel.
Banque Misr SAE and the National Bank of Egypt SAE served as CTIHC’s financial consultants.
RIAD & RIAD WON AN ARBITRATION CASE DEFENDING ONE OF THE INTERNATIONAL CONSTRUCTION CONGLOMERATES

RIAD & RIAD WON AN ARBITRATION CASE DEFENDING ONE OF THE INTERNATIONAL CONSTRUCTION CONGLOMERATES

by | Dec 21, 2021 | News Station

Great job: Riad & Riad
Riad & Riad won an arbitration case before the Cairo Regional Centre of International Commercial Arbitration on behalf of one of the international construction conglomerates. The arbitration was initiated by a leading state-owned construction company in connection with a dispute over construction social insurance.
The dispute resolution team led by Dr. Fatma Salah and Mohamed Riad along with Mohamed Abdul-Aty.
This demonstrates the strength of teamwork and the strength of the dispute resolution team in, Riad & Riad, well done, and best of luck and success.

A REPUBLICAN DECISION TO FORM A COORDINATING COUNCIL BETWEEN THE CENTRAL BANK AND THE GOVERNMENT

A REPUBLICAN DECISION TO FORM A COORDINATING COUNCIL BETWEEN THE CENTRAL BANK AND THE GOVERNMENT

by | Dec 21, 2021 | News Station

A republican decision to form a coordinating council between the Central Bank and the Government.
President Abdel Fattah El-Sisi issued Resolution No. 584 of 2021 regarding the formation and operation of the Coordinating Council, as stipulated in the Central Bank and Banking System Law promulgated by Law No. 194 of 2020.
According to the decision published in the Official Gazette, the Prime Minister seats the Council, which includes the Governor of the Central Bank, the Ministers of Planning and Finance, the Deputy Governor of the Central Bank, and the Deputy Minister of Finance for financial policies.
Dr. Ashraf El-Araby, Mr. Mohamed El-Etrebi, and Dr. Hussein Issa are one of the more experienced members of the group.
The Coordinating Council is in charge of establishing a mechanism for coordinating the Central Bank’s monetary policy and the government’s financial policy. The Council submits an annual report to the President of the Republic on its activities.

ESTABLISHMENT OF A SERVICES UNIT FOR COMPANIES LISTED IN THE STOCK MARKET AT THE INVESTMENT AUTHORITY

ESTABLISHMENT OF A SERVICES UNIT FOR COMPANIES LISTED IN THE STOCK MARKET AT THE INVESTMENT AUTHORITY

by | Dec 16, 2021 | News Station

Establishment of a services unit for companies listed in the stock market at the Investment Authority.
To set up the government’s package of measures to help the stock market and improve the business and investment environment into action.
The Investment Authority has established a services unit for the stock market.
in assisting listed companies in completing their services and overcoming all procedural and practical challenges
Counselor Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones, issued a decision to establish a unit called (Services Unit for Companies with Stock Exchange Securities) affiliated with the CEO of the General Authority for Investment and headed by the head of the investment services sector to accomplish any matters related to these companies
This action follows the Prime Minister’s announcement of a package of measures aimed at enhancing the Egyptian stock market’s capabilities and competitiveness, as well as assisting it to grow at all levels to play a larger role in supporting economic and social development plans, thereby improving the market’s position in global indicators, and increasing its ability to attract more foreign investment.
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https://egx.com.eg/ar/homepage.aspx  البورصة المصرية